33 episodes

Hosted by the experts at Kansas City Real Estate Law, The Real Estate Diversification (RED) Podcast is designed to help listeners understand the importance of diversifying their real estate assets, and will provide practical tips on how to do so.

The Real Estate Diversification Podcast The RED Podcast

    • Business
    • 5.0 • 14 Ratings

Hosted by the experts at Kansas City Real Estate Law, The Real Estate Diversification (RED) Podcast is designed to help listeners understand the importance of diversifying their real estate assets, and will provide practical tips on how to do so.

    Ep. 33 | Property Tax Appeals

    Ep. 33 | Property Tax Appeals

    In this RED Podcast Legacy Series episode, Ferd Niemann explains Property Tax Appeals.

    Enjoy!


    HIGHLIGHTS:

    0:00 – Intro

    2:24 – Look at comps or the other properties in the area

    3:08 – Sales chasing

    3:48 – Appraisers need to appraise fairly and accurately

    4:09 – There are 3 reasons to appeal; valuation, classification and discrimination

    5:20 – Assessment is supposed to be revenue neutral

    6:41 – Informal appeals and getting your documents together

    9:20 – One of the benefits of the industry is that there's little barrier to entry

    10:21 – Pull comps, and come up with the equalized value, and this will show a big difference in what you are paying

    12:08 – Two options for the county are lower the equalized asset value or increase everyone else

    14:03 – If you lose the board of equalization, you then go to the state tax commission

    14:22 – Most of the time you need to hire an attorney and licensed appraiser just to play the game

    14:51 – Going through a trial

    16:13 – If you lose your only option is to then appeal in circuit court

    17:36 – It’s important to continually do a cost-benefit analysis



    RESOURCES:

    Property Tax Appeal Checklist

    • 20 min
    Ep. 32 | Underwriting Property Taxes

    Ep. 32 | Underwriting Property Taxes

    In this RED Podcast Legacy Series episode, Ferd Niemann explains how to underwrite property taxes and how to get the most, or should we say the least, out of your tax bill. Enjoy!



    HIGHLIGHTS:

    0:00 – Intro

    0:58 – It’s important to do a good job with property tax projections

    1:53 – Property tax appraisers have values lower than the current market value

    2:59 – Property tax assessors don’t want to raise the property value and annoy voters

    3:33 – There’s a risk when you purchase a property that your taxes are increased

    4:11 – Ferd looks at the current market value in accordance with what the assessor tells him

    4:26 – Looking at the purchase price

    6:19 – Ferd’s formula for calculating tax dollars

    9:08 – Know your jurisdiction to calculate your paying

    9:48 – How probable will a tax increase will be?

    15:34 – You should underwrite some percentage of increase

    15:54 – Strategies to mitigate the risk

    16:51 – Allocate some of the purchase price to non real estate items

    17:59 – Try to flag the sale as invalid by throwing something unusual into the contract

    20:05 – Buy the LLC membership units

    21:25 – Another risk is bankability

    21:51 – Get mutual or buyer indemnification provision pre-closing

    24:12 – There are going to be extra filings for tax returns



    RESOURCES:

    Underwriting Property Taxes Checklist

    • 26 min
    Ep. 31 | 10 Things To Include In Your Zoning Letter

    Ep. 31 | 10 Things To Include In Your Zoning Letter

    In this Legacy Series episode of The RED Podcast, Ferd Niemann takes us through 10 Things To Include In Your Zoning Letter.Hosted by Jonathan Gilmore.

    HIGHLIGHTS:

    0:00 – Intro0:59 – There’s 3 types of zoning; legal, illegal and legal non-conforming or grandfathering2:26 – Grandfathering has its roots in voting laws5:19 – A lot of mobile home park land was originally parking lots6:03 – To preserve your zoning, it’s important to keep at least one mobile home on your lot7:25 – A certificate of zoning or a zoning letter is government letter head which is your insurance policy to say you have a zoning right8:41 – Make sure there are no outstanding code violations on the property9:52 – Find out the current zone is12:12 – You want your letter to say a mobile home can be placed on all existing vacant or occupied lots16:30 – You want the zoning letter to reference the location of the homes in the park19:23 – Make sure there are no restrictions on the size of the home or the age of the home20:17 – Make sure there are no requirements or restrictions as it pertains to the concrete pillars or pads under the home21:22 – Usually the city doesn’t care21:23 – Ensure you’re not subject to development code or any new infrastructure requirements, impact fees or development fees based on the transfer of the park22:35 – You want your letter to say the park was existing prior to the code of 1975, although usually this is the first thing cut out24:06 – If the city objects, work out whether it’s worth it25:19 – Threatening to sue and using demand letters works a ton of the time25:36 – If they damage the value of your property, they have taken something from you, meaning if you beat them in court you can pursue legal fees27:33 – If you do sue and win, prepare for an appeal


    RESOURCES:

    ⁠Zoning Letter Checklist

    • 31 min
    Ep. 30 | Title Commitment and Surveys 101 – Part 2 of 2

    Ep. 30 | Title Commitment and Surveys 101 – Part 2 of 2

    In this Legacy Series episode of The RED Podcast, Ferd Niemann takes us through Title Commitment and Surveys 101 - Part 2. Hosted by Jonathan Gilmore.

    HIGHLIGHTS:

    0:00 – Intro1:13 – The survey is an extension of the title commitment1:20 – Ferd describes the base-level boundary survey3:08 – Ferd describes a typical Alta survey7:16 – The first item on the Alta Survey, Table A is to do with monuments placed9:23 – Number 2 is the addresses of the surveyed property9:52 – Number 3 is the flood zone classification10:19 – Number 4 is the gross land area12:16 – Number 5 is vertical relief with the source of information12:44 – Number 6A is List the current zoning classifications and 6B graphically depicts the setback requirements13:41 – Number 7 is exterior dimensions of all buildings at ground level14:49 – Number 8 is substantial features observed in the process of conducting the fieldwork15:09 – Number 9 is the number and type of identifiable parking spaces15:45 – Number 10 is the determination of the relationship and location of certain division or party walls with respect to adjoining properties16:31 – Number 11 is the location of utilities existing on or serving the surveyed property22:24 – Number 12 is governmental agency survey-related requirements22:40 – Number 13 is the names of adjoining owners according to tax records23:45 – Number 14 is the distance to the nearest intersecting street24:13 – Number 15 is rectified orthophotography24:44 – Number 16 is evidence of recent earthmoving work, building construction, or building additions25:25 – Number 17 is proposed changes to street ride away lines25:46 – Number 18 is the location of any delineation markers26:14 – Number 19 is any plottable offsite26:41 – Number 20 is professional liability insurance27:20 – Ferd recommends that the seller pay for the survey and require them to include any surveys which have been done in the past21:25 – Surveys can be expensive, but they’re a must

    • 34 min
    Ep. 29 | Title Commitment and Surveys 101 – Part 1 of 2

    Ep. 29 | Title Commitment and Surveys 101 – Part 1 of 2

    In this Legacy Series episode of The RED Podcast, Ferd Niemann takes us through Title Commitment and Surveys 101.Hosted by Jonathan Gilmore.



    HIGHLIGHTS:

    0:00 – Intro1:02 – There are many title companies out there, it’s not necessarily important which one you use2:05 – The first page is the Schedule A, this includes the date they did the survey on2:56 – Schedule A will tell you what type of policy and the policy amount4:20 – Next on Schedule A comes the proposed insured4:50 – Next Schedule A talks about the interest5:08 – Schedule A says who the title is currently vested in, followed by the land described5:56 – Schedule B notes the requirements and exceptions6:29 – You must be notified if someone else has an interest in the property7:00 – Schedule B will have an affidavit which is basically to say that certain things don’t exist8:22 – Schedule B will have some information about the documents of the title company required9:10 – Schedule B part 2 is the exceptions, Ferd cares about the easements the most and they’re usually slower13:05 – You need to work out what exceptions there are and fix them or work around them.14:15 – This is when your objections come in14:57 – If you have a lender involved, you’re going to need a loan policy16:19 – You can get a closing protection letter19:43 – The final step is the closing statement

    • 24 min
    Ep. 28 | 10 Land Mines to Avoid in Due Diligence

    Ep. 28 | 10 Land Mines to Avoid in Due Diligence

    In this Legacy Series episode of The RED Podcast, Ferd Niemann takes us through 10 Land Mines to Avoid in Due Diligence. Hosted by Jonathan Gilmore.



    HIGHLIGHTS:

    0:00 – Intro0:52 – Warren Buffet is much better at avoiding a problem than getting out of a problem1:40 – Advertising your properties4:16 – Most mobile home park owners want to own the land not the homes but most tenants don’t want to buy7:55 – You have to look at the size of the lots and make sure you don’t get hurt with set backs10:10 – Read the zoning code, understand grandfathering and then negotiate with the city11:12 – What are the development restrictions and requirements for maintenance and operations12:00 – Make sure you have an operating city permit13:30 – Run a police report and a sex offender check14:19 – If someone is selling drugs in the park, hire an off duty cop to monitor the park for 2 nights17:33 – Make sure inspect the utility and infrastructure, such as the roads and gas lines18:42 – Make sure your title survey easement review matches up to your inspections20:15 – Inspect the water and sewer21:21 – Make sure there is valid title22:10 – Make sure due diligence doesn’t start until he gets his title and survey24:50 – Inspect the bankability of the property, make sure it will appraise, make sure it will pass the condition requirements for bank financing25:43 – Get a phase one environmental


    RESOURCES:

    ⁠Due Diligence Land Mines Checklist

    • 29 min

Customer Reviews

5.0 out of 5
14 Ratings

14 Ratings

Top Podcasts In Business

NerdWallet Personal Finance
Ramsey Network
Money News Network
DOAC
Dan Fleyshman
Hala Taha | YAP Media Network